Corvex to Grow US AI Capacity More Than 5x This Year

ARLINGTON, Va. — Corvex, Inc., an engineering-led AI computing platform specializing in secure, GPU-accelerated infrastructure for AI workloads, today announced a more than fivefold increase in its critical IT power capacity, with the ability to scale to 13 times its current critical IT power capacity. The expansion involves doubling capacity at the Company’s existing Mid-Atlantic data center and establishing operations at a second existing enterprise-scale data center in the Midwest. Together, the deployments are expected to increase Corvex’s critical IT power capacity from approximately 1.5 MW today to approximately 8 MW by the end of 2026. Both sites are expected to be ready for service in the fourth quarter of 2026. The Company anticipates generating revenue from these expansions starting in the first quarter of 2027.

The deployments are expected to bring approximately 2,000 latest-generation GPUs online at the Midwest site, with approximately 1,000 additional GPUs at the Mid-Atlantic site. Both clusters have been designed around published vendor reference architectures for these platforms and will be made available as bare metal or with a managed Kubernetes orchestration layer.

Corvex has secured a right of first refusal on an additional 12.5 MW of critical IT power capacity at the Midwest site, which is anticipated to be ready for service in the third quarter of 2027, and will market that capacity to prospective customers. The expansion can be designed around a customer’s needs. If Corvex exercises its right of first refusal and contracts for that capacity, total critical IT power capacity could exceed 20 MW. This expansion is subject to, among other things, capital availability, customer commitments, equipment delivery, utility energization and local permitting, and there can be no assurance that this expansion will be pursued or completed.

“The scarce input in AI infrastructure is energized power inside a finished building. We have secured more than five times as much of it, with the right to scale to more than 20 megawatts in 2027,” said Jay Crystal, co-CEO and co-founder of Corvex.

Corvex recently commenced discussions with potential customers to match this new capacity with demand from its existing pipeline and new customers introduced through partner co-selling initiatives. Based on initial discussions and current market conditions, the Company believes there is an opportunity to secure multi-year, take-or-pay commitments at prevailing market rates for long-term GPU-as-a-Service contracts. These arrangements may also include high-throughput storage and CPU compute services, creating additional revenue opportunities beyond GPU capacity. There can be no assurance that any customer agreement will be entered into, or that any such agreement would be on the terms, at the pricing or of the duration described above.

Corvex has executed definitive agreements for both the Mid-Atlantic expansion and the new Midwest site. Both deployments sit within existing enterprise data center facilities with live utility power, which can shorten deployment timelines and reduce development risk relative to greenfield construction.

The expansion will be funded with proceeds from a private placement of common stock and Series D Preferred Stock (“PIPE”) led by Goldman Sachs & Co. LLC, Morgan Stanley and Oppenheimer & Co. acting as Joint Lead Placement Agents. The transaction is expected to generate approximately $33 million in gross proceeds, before fees and expenses. Corvex entered into a securities purchase agreement with strategic institutional and accredited investors to issue 4.258 million shares of as-converted common restricted stock at a purchase price of $7.75 per share. The transaction is expected to close on or about September 2, 2026, subject to customary closing conditions. Corvex intends to use the proceeds to fund the expansion of its critical IT power capacity and continued development of its Amplified AI Cloud platform, Token Factory and Assured AI offerings.

A portion of the PIPE proceeds will accelerate development of the Corvex Token Factory offering, currently in closed alpha. The Corvex Token Factory is being designed to give customers reliable, scalable access via API to high-performing open-source models, all with a zero data retention policy and operated on a platform that is SOC 2 Type II certified, with support for HIPAA compliance. Proceeds will also fund continued development of Assured AI, the Company’s secure computing platform designed around a zero-trust architecture that is built to protect privacy-sensitive inference requests and customer model weights. Corvex plans to integrate Assured AI into its Token Factory to offer differentiated privacy and security.

“As inference volumes grow, enterprises are paying much closer attention to the cost of serving AI at scale. Token Factory is built to address that cost by offering near-frontier performance on most enterprise workloads at a fraction of the price per million tokens of frontier proprietary models,” said Seth Demsey, co-CEO and co-founder of Corvex. “The differentiation will be in the infrastructure and security layer beneath the API. Integrating our Assured AI security capabilities directly into the inference platform gives customers a way to combine lower-cost inference with greater control over sensitive prompts and model weights.”